Large listed room enterprises cash flow is good
Despite the national large city and hot city building there are obviously the price, market sentiment has not inflection point, but this is not equal to high room shortage of funds. Especially leading enterprises listed room, by the quarter this year sales still maintain positive growth.
The China economic weekly in 2010 under the CSRC will be classified revenues top 20 home real estate development enterprise as the samples analysis found that large real estate enterprise does not exist capital chain tension symptoms.
Seems to be nfl hats as RenZhiJiang (the Po) that "it more than 2008 developers situation is much better" validation, listed in room enterprises "business activities cash flows into" A, A poly real estate, vanke, ltd.gemdale corporation, investment real estate, shimao stock, financial street, beichen industrial etc all appear different range of positive growth.
The 20 listed room enterprises "business activities cash flows into" are to "selling goods and providing of labor services received cash" form is given priority to, that is brought about by the money collecting sales houses.
Why some room enterprises has quite high leverage, cash but still plenty?
A securities company chief economist explained: "real estate is the high lever high capital intensive, so they high debt is normal. While many developers are with the money of the bank to buy, use their own funds house. And although in real estate development by regulation form, but the sales situation is good. So especially some large room there are high debt and high enough capital chain."
But in "haematopoietic function", even before a few big room of enterprises is not satisfactory. Because Banks are tightening the limit, real estate trust has been suppressed in time, the folk lending and private equity investment cost is high.
The data shows, vanke in 2011 at the end of the third quarter A financing activities cash inflow yoy-7.73%; Poly real estate for-12.06%; And the real estate investment and ltd.gemdale corporation appear positive growth.
In the 20 house room enterprises "management activity generation net cash flow", is up: poly real estate, investment real estate, the new lake treasure, financial street, beichen industry, the Beijing urban construction, shimao stock, the real estate, catic real estate. The room the expected return forehead high is better than last year, and net income was strengthened.
Recently, China vanke Co. President YuLiang is quoted in the media as, in 2012 China vanke will enter a "winter" mode. He said, "the current regulation policy in 2012, will continue in multiple factors under real estate market will stack, in winter".
Leading enterprise in preparation for the winter, this or to represent the real estate industry of the pulse of strength in the coming year. Previously, the sun 100 vice President of group FanXiaoChong China economic weekly "said, room now can't stand to get loans from the bank. "Room of enterprises development loans and personal mortgage loan even approved and no limit, can only be, or seek other financing way out."
"Now just announced that the enterprises listed room said capital chain's nervous." A securities analyst for the China economic weekly "said, after a long period of primitive accumulation are the enterprises listed room strong capital base, and for a long time did not appear real estate wholesale sunglasses enterprise bankruptcy retreat city's alone. Even by the recent run of concern for the current real estate won't green city on the policy and lead to bankruptcy.
"These hard times room enterprise, through the sale or sell some of its assets project can ease." The analysts said.
But he also believes that the current enterprise's total sales are down, if this situation to exist for a long time in the middle of next year, then room, funds or enterprises will have real difficulty.
A current focus two three line market of real estate development enterprises top people say: "the state regulation clarify again not to relax, and ask the house price reasonable, it shows that the next few years back and limit mortgage policy will continue next year. Then listed room enterprises will really face test."
Posted by terminalcables
at 9:00 PM EST